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> Programs > Individual Development Accounts (IDAs)
Individual Development Accounts (IDAs)
If someone offered to give you $2 for every dollar you had in your wallet,
wouldn't you gladly accept? We're offering! Sign up for an IDA account today.
Individual Development Accounts (IDAs) are matched savings accounts that double participants' monthly savings. Participants must meet income requirements to enroll.
To see current income requirements, please click on the link below.
IDA participants can save up for a down payment on a home, college or post-secondary school tuition, or to start a business.
Since 2005, Springfield Partners' IDA Program has: - Helped 30 residents become homeowners
- Eased the debt burden for 10 adult college students
- Helped 10 young adults pay for college
- And jump-started the businesses of 6 local entrepreneurs.
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Youth IDAsYouth IDAs help Hampden County high school students save for college while teaching them to be financially responsible adults.
Participants' investments are doubled upon their graduation from high school.
Income requirements are the same as for adult IDAs; please click on the link above to view.
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|  | | | Springfield homeowner Kim Rivera used the IDA program to triple the size of her down payment. |
IDA FAQ:
What is an Individual Development Account (IDA)?
A matched savings opportunity for people who want to:
- Buy a Home
- Start a Business
- Go to College or post-secondary vocational school
Who Is Eligible?
- Residents who have earned income to deposit into a savings account
- Residents with incomes at or below 200% federal poverty level (see link above)
- People with monetary assets at or below $10,000 (excluding one vehicle & primary residence)
What are IDA Participant Requirements?
Enrollees Must:
- Meet Income Guidelines
- Complete a Financial Literacy Workshop Series and an asset-specific training program, such as a first-time homebuyers course, an entrepreneurship class, or college enrollment information sessions
- Have a credit score high enough to buy a house or start a business
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|  | | | A Financial Literacy class |
How Does the IDA Program Work?
Homeownership:
You commit to depositing cash weekly or monthly in a bank account. You save $2,000 in 3 years or less, Springfield Partners will match $4,000.
Education or Business:
You commit to depositing cash weekly or monthly in a bank account. You save $1,000 in 3 years or less, Springfield Partners will match $2,000.
Youth IDA students:
You commit to depositing cash weekly or monthly in a bank account. You save $1,000 in 3 years or less, Springfield Partners will match $2,000.
Youth IDA participants must complete the required number of community service hours.
All IDA participants must complete the Financial Literacy Workshop Series offered by Springfield Partners.
When will my IDA funds be released to me?
After you have participated in the program for at least 6 months, AND:
- You've saved the agreed upon amount
- You've completed an asset specific training program
- You've completed the Financial Literacy Workshop Series.
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To enroll or for more information, please contact:
IDA Program Coordinator
E-mail
(413) 263-6500
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